Cost Segregation is good. It allows faster write off’s via depreciation of buildings. We have clients who have been very satisfied. Taxpayer purchased a business and properly allocated the cost to the various asset classes per the purchase agreement. Then the taxpayer paid for a cost segregation study. It was decided that the the contract’s […]
Employment Tax not paid? See what can happen
Click here to See what happens if you don’t pay payroll tax […]
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TD F 90-22.1 Report of Foreign Bank and Financial Accounts
Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts The United States Department of Treasury has announced that beginning July 1, 2013, Form TD F 90-22.1 must be filed electronically by the taxpayer. To file the 2012 form after June 30, 2013, file the form through http://bsaefiling.fincen.treas.gov/Enroll_Individual.html […]
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EIC Earned Income Credit – easy to calculate?
We tell clients all the time that it is complicated and hopefully they can answer the questions correctly when they use boxed software or… ready for this… try to do it by hand! The earned income credit is extremely difficult to calculate. Eligibility & computation rules take up 8 pages in the 2012 Form 1040 instructions…. plus […]
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2014 & 2013 Simple IRA Contribution Limit
THE AMOUNTS ARE THE SAME for 2014 and 2013. The Simple IRA contribution limit for employees is $12,000 for 2014 (up from 2012 of $11,500). If over age 50, the limit for 2014 is $14,500 (up from 2012 of $14,000). […]
Gifts for 2013
This is not about charitable donations to a 501(c)(3) organization. It is about just giving stuff away. How much can I give (gift) without any tax? $13,000 ( 2009 – present) is the amount of stuff that can be gifted with no gift tax… based on this amount to any one individual in a calendar […]
Club dues – deduction?
Business related meals and entertainment are deductible…. You cannot, however, deduct dues (including initiation fees) for membership in any club organized for pleasure, recreation or other social purposes. […]
Can you Amend Married Filing Joint to Married Filing Separate
Everyone pretty muich knows you can take two Married Filing Separate Returns and combine them to one Married Filing Joint return. GENERALLY this has a better tax effect for the family. But, can you take Married Filing Joint and split that return into two Married Filing Separate? The answer is YES… BUT it must be […]
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Sub S Late Filing Penalty for 2011
Sub S Late Filing Penalty for 2011 The penalty for late filing of a Sub S return (this includes not filing a timely extension) for 2011 is $195 per month x number of shareholders (up to 12 months). When the penalty is accessed, you should call the 800 number on the notice. Tell the agent, […]
2012 IRS Forms (the most used) are almost ready for E-Filing!
WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation. Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb. 14, the IRS plans to start processing Form […]
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